Market overview:

The global market for precision guided missiles was valued at USD 302.7 billion in 2019 and is expected to reach USD 46.7 billion by 2025 at a CAGR of 5.6% over the outlook period.

Precision Guided Munition is a projectile equipped with a terminal guidance system for missiles, bombardment, or artillery.

Recent developments:

In February 2019, IAI launched the first newly developed roving ammunition, the Mini Harpy, at the Aero India Exhibition in Bangalore, India. Mini Harpy is a tactical system designed for marine or field units. It can be launched from land, sea and air platforms.

Javelin, a joint venture founded by Raytheon and Lockheed Martin in January 2019, signed a contract to produce 2,100 Model F missiles (FGM-148Fs) under a successful and rigorous system certification test program that includes 21 successful flight tests.

Market Drivers and Restrains:

The increasing use of satellite networks, navaids, and drones to destroy expensive long-range targets and the demand for small arms are some of the key factors driving the demand for precision guided munitions. Increasing demand for multi-target, multi-mission precision strike weapons is expected to drive market growth over the forecast period. Improvements in military operations and adoption of advanced warfare technologies are expected to support market growth in the anticipated time frame. Additionally, increased security measures around the world will increase the penetration of precision-guided munitions. The defense systems of the major economies focus on acquiring advanced warfare equipment capable of precise operations. Advances in positioning system technology, including semi-active lasers, radar tracking, inertial navigation systems (INS), and global positioning systems (GPS), have influenced market growth. Furthermore, the compatibility of the missile's nuclear warhead and positioning system has the potential to accelerate penetration into munitions. The growing demand for high-precision strike munitions, the rise of asymmetric warfare, geopolitical tensions, and the increased number of programs are some of the main drivers behind the expansion of the precision guided munitions industry. Increasing demand for multi-target precision and multi-mission weapons is expected to drive market growth over the outlook period. However, these weapons have a limited range and very complex targeting systems that can hamper the growth of the global market.

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Report is segmented as:

The global market for precision guided munitions is segmented based on product, platform type and technology. Depending on the product, the market is segmented into guided ammunition, tactical missiles, rockets, and roaming ammunition. By type of platform, the market is segmented into naval, air and land. In the same way, it is subdivided according to the technology into INS (Inertial Navigation System), radiation protection, radar location, GPS (Global Positioning System), infrared light, etc.

Geographical Segmentation:

The Asia Pacific region is expected to grow at the highest growth rate during the outlook period. The growth in the region may be due to increased demand for precision-guided munitions by defense forces in several countries such as China, India, Japan, and South Korea.

Key market players:

Some of the key market players include Elbit Systems Ltd., Bharat Dynamics Limited, Hanwha Corporation, General Dynamics Corporation, Kongsberg, Israel Aerospace Industries, Leonardo SpA, L3Harris Technologies, Inc., MBDA, Lockheed Martin Corporation, Raytheon Company, Northrop Grumman Corporation Included, Saab AB, Rheinmetall AG, Boeing, Thales Group and BAE Systems.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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